12:15ET. “..if the Russell and Nasdaq are strong it’s what we call a risk on environment. You’re seeing a bunch of things happening in the market that indicate we may be getting ready to break out of this consolidation. May be some news out of China that may not be pleasant. My trade here is to sit out and watch. Grains, just another buying opportunity.”

About the author

Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.